Explain Pareto’s analysis.
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Pareto analysis is a statistical technique in decision making used for the selection of a limited number of tasks that produce significant overall effect . It uses the pareto principle(also known as 80by20 rule) the idea that by doing 20percent of the work you can generate 80percent of the benefit of doing the entire job.
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Pareto analysis is a statistical technique in decision making used for the selection of a limited number of tasks that produce significant overall effect . It uses the pareto principle(also known as 80by20 rule) the idea that by doing 20percent of the work you can generate 80percent of the benefit of doing the entire job.
Hope it is useful...
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